Altus Power Reports Strong 2024 Growth Amid Acquisition Plans

Altus Power, Inc. ( (AMPS) ) has released its Q4 earnings. Here is a breakdown of the information Altus Power, Inc. presented to its investors.

Altus Power, Inc., headquartered in Stamford, Connecticut, is a prominent provider of commercial-scale clean electric power solutions, specializing in solar generation, energy storage, and charging infrastructure across the United States. In its latest earnings report, Altus Power announced a significant increase in revenues for the full year 2024, reaching $196.3 million, marking a 26% growth compared to the previous year. Despite a GAAP net loss of $10.7 million, the company improved from a $26.0 million loss in 2023, and achieved a 20% increase in adjusted EBITDA to $111.6 million.

Key highlights from the report include surpassing 1 GW in operating assets and completing 56 MW of new-build assets. The company also successfully executed an innovative tax equity transaction and partnership model, ending the year with a cash balance of $123 million. Altus Power’s fourth-quarter results showed a 30% increase in operating revenues compared to the same period in 2023, driven by the growth of megawatt hours generated by its assets.

Strategically, Altus Power has entered into a merger agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy, valuing the company at approximately $2.2 billion. This acquisition is expected to transition Altus Power into a privately-held company, providing it with the flexibility and resources to accelerate its growth and innovation in the clean energy sector.

Looking ahead, Altus Power is poised to leverage its strengthened market position and the upcoming acquisition to enhance its service offerings and expand access to clean energy solutions. The company’s management remains focused on delivering value to its customers and partners while navigating the evolving market landscape.